MSCI Emerging Markets Index Falls 2.2% in Worst Day Since July on AI Stock Selloff

The notable detail is the symmetry: equities and currencies fell together, meaning this reads less like a rotation out of one sector and more like a broad de-risking of emerging-market exposure, with AI names as the trigger rather than the whole story. That matters for markets where the AI trade has become a large share of index weight and foreign flows. Whether the currency leg stays this contained, or starts amplifying equity losses, is the open question to watch.